Wall Street Journal Article – Real Estate Is Driver Of Manor Care Buyout Deal

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Nursing-Home Firms, Attractive at Moment, Are Acquisition Targets
July 3, 2007; Page A2

Manor Care Inc.’s decision to go private in a $5.15 billion deal with the Carlyle Group was the latest in a series of nursing-home transactions driven in part by real-estate portfolios.

And while analysts say further deals are possible amid a strong operating environment for nursing homes, most of the remaining candidates lack Manor Care’s scale and real-estate investment potential.

– The News: Manor Care will go private in a $5.15 billion deal with Carlyle.
– The Background: It joins other nursing-home deals tied to property.
– The Outlook: The sector’s other buyout candidates may not be as appealing.Manor Care valued the deal at $6.3 billion, including the assumption of an undisclosed amount of debt. Financial-information provider Dealogic pegged the price at $5.15 billion excluding debt.

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